A Prickly Dilemma for the Banks
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One reason for continuing concern about Continental is that the bank has $2 billion, or nearly 5% of its assets, on loan to Mexico, Brazil, Argentina and Venezuela. If all those countries demanded lower interest rates, the earnings at Continental and other major U.S. banks would suffer. For that reason, bankers will be waiting anxiously for news from Cartagena next week.
—By Charles P. Alexander.
Reported by Bernard Baumohl/Philadelphia and Frederick Ungeheuer/New York
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